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Tar Sands/Oil Sands, Fracking First to Go as NY Pension Fund Pledges Fossil Divestment by 2040


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Julia Kilpatrick, Pembina Institute/flickr
New York State’s pension has announced plans to drop the “riskiest” oil and gas stocks from its massive investment portfolio by 2025 and fully divest by 2040, making it the first U.S. state and the biggest pension fund in the world to make such a commitment.
“We continue to assess energy sector companies in our portfolio for their future ability to provide investment returns in light of the global consensus on climate change,” state Comptroller Thomas DiNapoli said Wednesday. “Those that fail to meet our minimum standards may be removed from our portfolio. Divestment is a last resort, but it is an investment tool we can apply to companies that consistently put our investment’s long-term value at risk.” ....

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